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Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName T. Rowe Price New Income Fund, Inc.
Prospectus Date rr_ProspectusDate Oct. 01, 2019
T. Rowe Price New Income Fund, Inc.  
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading T. ROWE PRICE New Income Fund Investor Class I Class Advisor Class R Class SUMMARY
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The fund seeks to maximize total return through income and capital appreciation.
Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. You may also incur brokerage commissions and other charges when buying or selling shares of the fund, which are not reflected in the table.
Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Fees and Expenses of the Fund Shareholder fees (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual fund operating expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination September 30, 2020
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock The fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when the fund’s shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund’s performance. During the most recent fiscal year, the fund’s portfolio turnover rate was 139.4% of the average value of its portfolio.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 139.40%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The figures shown in the fee table do not match the "Net expenses after waivers/payments by Price Associates" shown in the Financial Highlights table, as those figures do not include acquired fund fees and expenses and exclude expenses permanently waived as a result of investments in other T. Rowe Price Funds. The figures shown in the fee table do not match the "Gross expenses before waivers/payments by Price Associates" shown in the Financial Highlights table, as those figures reflect the effects of a management fee waiver agreement, do not include acquired fund fees and expenses, and exclude expenses permanently waived as a result of investments in other T. Rowe Price Funds (and with respect to the Advisor Class, those figures are also rounded differently).
Expense Example [Heading] rr_ExpenseExampleHeading Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods, that your investment has a 5% return each year, and that the fund’s operating expenses remain the same. The example also assumes that an expense limitation arrangement currently in place is not renewed; therefore, the figures have been adjusted to reflect fee waivers or expense reimbursements only in the periods for which the expense limitation arrangement is expected to continue. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
Strategy [Heading] rr_StrategyHeading Investments, Risks, and Performance Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock The fund will invest at least 80% of its net assets in income-producing securities, which may include, but are not limited to, U.S. government and agency obligations, mortgage- and asset-backed securities (including commercial mortgage-backed securities), corporate bonds, foreign bonds, and Treasury inflation protected securities.

Active management of the portfolio can result in bonds being sold at gains or losses. However, over the long term, the fund seeks to achieve its objective by investing primarily in income-producing securities that possess what the fund believes are favorable total return (income plus increases in principal value) characteristics.

Eighty percent (80%) of the debt securities purchased by the fund will be rated investment grade (i.e., rated in one of the four highest rating categories) by each of the major credit rating agencies (S&P’s Global Ratings, Moody’s, and Fitch) that have assigned a rating to the security or, if unrated, deemed to be of investment-grade quality by T. Rowe Price. Up to 15% of the fund’s net assets may be invested in “split-rated securities,” which are securities that have been rated investment grade by at least one rating agency but below investment grade by another rating agency. The fund may invest up to 20% of its net assets in non-U.S. dollar-denominated foreign debt securities (including securities of issuers in emerging markets) and take currency positions to hedge this exposure as well as to capture appreciation from favorable currency changes. In addition, the fund may maintain a net exposure of up to 5% of its net assets in instruments (through direct holdings and derivatives) that have received below investment-grade ratings from each of the rating agencies that have assigned ratings to the instruments or, if unrated, deemed to be below investment-grade quality by T. Rowe Price (including high yield or “junk” bonds).

The fund has considerable flexibility in seeking high income. There are no maturity restrictions so the fund can purchase longer-term bonds, which tend to have higher yields than shorter-term bonds. In addition, when there is a large yield difference between the various quality levels, the fund may move down the credit scale and purchase lower-rated bonds with higher yields. When the difference is small or the outlook warrants, the fund may concentrate investments in higher-rated issues.

The fund may purchase or sell mortgage-backed securities on a delayed delivery or forward commitment basis through the “to-be-announced” (TBA) market. With TBA transactions, the particular securities to be delivered are not identified at the trade date but the delivered securities must meet specified terms and standards. The fund would generally enter into TBA transactions with the intention of taking possession of the underlying mortgage-backed securities. However, in an effort to obtain underlying mortgage securities on more preferable terms or to enhance returns, the fund may extend the settlement by entering into “dollar roll” transactions in which the fund sells mortgage-backed securities and simultaneously agrees to purchase substantially similar securities on a future date.

While most assets will typically be invested in bonds, the fund also uses interest rate futures and forward currency exchange contracts in keeping with the fund’s objective. Interest rate futures would typically be used to manage the fund’s exposure to interest rate changes or to adjust portfolio duration. Forward currency exchange contracts would be used to gain exposure to certain currencies expected to increase or decrease in value relative to other currencies or to protect the fund’s foreign bond holdings from adverse currency movements relative to the U.S. dollar.

The fund may sell holdings for a variety of reasons, such as to adjust the portfolio’s average maturity, duration, or overall credit quality, or to shift assets into and out of higher- or lower-yielding securities or certain sectors.
Risk [Heading] rr_RiskHeading Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock As with any mutual fund, there is no guarantee that the fund will achieve its objective. The fund’s share price fluctuates, which means you could lose money by investing in the fund. The principal risks of investing in this fund are summarized as follows:

Active management risks The investment adviser’s judgments about the attractiveness, value, or potential appreciation of the fund’s investments may prove to be incorrect. The fund could underperform other funds with a similar benchmark or similar objectives and investment strategies if the fund’s overall investment selections or strategies fail to produce the intended results.

Fixed income markets risks Economic and other market developments can adversely affect fixed income securities markets. At times, participants in these markets may develop concerns about the ability of certain issuers of debt instruments to make timely principal and interest payments, or they may develop concerns about the ability of financial institutions that make markets in certain debt instruments to facilitate an orderly market. Those concerns could cause increased volatility and reduced liquidity in particular securities or in the overall fixed income markets and the related derivatives markets. A lack of liquidity or other adverse credit market conditions may hamper the fund’s ability to sell the debt instruments in which it invests or to find and purchase suitable debt instruments.

Interest rate risks The prices of, and the income generated by, debt instruments held by the fund may be affected by changes in interest rates. A rise in interest rates typically causes the price of a fixed rate debt instrument to fall and its yield to rise. Conversely, a decline in interest rates typically causes the price of a fixed rate debt instrument to rise and the yield to fall. Generally, funds with longer weighted average maturities and durations carry greater interest rate risk. In recent years, the U.S. and many global markets have experienced historically low interest rates. Although interest rates have begun to rise and may continue doing so, interest rates may decline in response to ongoing global trade disputes, increasing the exposure of bond funds to the risks associated with declining interest rates.

Prepayment and extension risks The fund is subject to prepayment risks because the principal on mortgage-backed securities, other asset-backed securities, or any debt instrument with an embedded call option may be prepaid at any time, which could reduce the security’s yield and market value. The rate of prepayments tends to increase as interest rates fall, which could cause the average maturity of the portfolio to shorten. Extension risk may result from a rise in interest rates, which tends to make mortgage-backed securities, asset-backed securities, and other callable debt instruments more volatile.

Credit risks An issuer of a debt instrument could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments), rating downgrade, or inability to meet a financial obligation. The fund’s exposure to credit risk is increased to the extent the fund invests in noninvestment-grade (“junk”) bonds. Junk bonds should be considered speculative as they carry greater risk of default and erratic price swings due to adverse changes in the credit quality of the issuer.

TBA/Dollar roll risks Although the securities that are delivered in TBA transactions must meet certain standards, there is a risk that the actual securities received by the fund may be less favorable than what was anticipated when entering into the transaction. TBA transactions are collateralized but they still involve the risk that a counterparty will fail to deliver the security, exposing the fund to potential losses. Whether or not the fund takes delivery of the securities at the termination date of a TBA transaction, it will nonetheless be exposed to changes in the value of the underlying investments during the term of the agreement. Also, the fund’s portfolio turnover rate and transaction costs are increased when the fund enters into dollar roll transactions.

Liquidity risks The fund may not be able to meet redemption requests without significantly diluting the remaining shareholders’ interests in the fund. In addition, the fund may not be able to sell a holding in a timely manner at a desired price. Reduced liquidity in the bond markets can result from a number of events, such as limited trading activity, reductions in bond inventory, and rapid or unexpected changes in interest rates. Markets with lower overall liquidity could lead to greater price volatility and limit the fund’s ability to sell a holding at a suitable price.

Foreign investing risks The fund’s investments in foreign holdings may be adversely affected by local, political, social, and economic conditions overseas, greater volatility, reduced liquidity, or decreases in foreign currency values relative to the U.S. dollar. These risks are heightened for the fund’s investments in emerging markets, which are more susceptible to governmental interference, less efficient trading markets, and the imposition of local taxes or restrictions on gaining access to the fund’s investments.

Currency risks Because the fund may invest in securities issued in foreign currencies, the fund could experience losses based solely on the weakness of foreign currencies versus the U.S. dollar and changes in the exchange rates between such currencies and the U.S. dollar. Any attempts at currency hedging may not be successful and could cause the fund to lose money.

Derivatives risks The fund uses interest rate futures and forward currency exchange contracts and is therefore exposed to additional volatility in comparison to investing directly in bonds and other debt instruments. These instruments may lack liquidity and be difficult to value, may involve leverage so that small changes produce disproportionate losses for the fund and, if not traded on an exchange, are subject to the risk that a counterparty to the transaction will fail to meet its obligations under the derivatives contract. The fund’s principal use of derivatives involves the risk that anticipated changes in currency values, currency exchange rates, interest rates, or the creditworthiness of an issuer will not be accurately predicted, which could significantly harm the fund’s performance, and the risk that regulatory developments could negatively affect the fund’s investments in such instruments. Changes in regulations could significantly impact the fund’s ability to invest in specific types of derivatives, which could limit the fund’s ability to employ certain strategies that use derivatives.

Portfolio turnover risks The fund may actively and frequently trade its portfolio securities or other instruments to carry out its investment strategies. High portfolio turnover may adversely affect the fund’s performance and increase transaction costs, which could increase the fund’s expenses. High portfolio turnover may also result in the distribution of higher capital gains when compared to a fund with less active trading policies, which could have an adverse tax impact if the fund’s shares are held in a taxable account.
Risk Lose Money [Text] rr_RiskLoseMoney The fund’s share price fluctuates, which means you could lose money by investing in the fund.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The following performance information provides some indication of the risks of investing in the fund. The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results.

The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following performance information provides some indication of the risks of investing in the fund. The following bar chart illustrates how much returns can differ from year to year by showing calendar year returns and the best and worst calendar quarter returns during those years for the fund’s Investor Class. Returns for other share classes vary since they have different expenses. The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress troweprice.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The fund’s performance information represents only past performance (before and after taxes) and is not necessarily an indication of future results.
Bar Chart [Heading] rr_BarChartHeading NEW INCOME FUND Calendar Year Returns
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock
  Quarter Ended    Total Return  Quarter Ended     Total Return
Best Quarter             6/30/09             5.07%      Worst Quarter            12/31/16            -3.09%

The fund’s return for the six months ended 6/30/19 was 6.50%.
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns Periods ended December 31, 2018
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA.
Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown After-tax returns are shown only for the Investor Class and will differ for other share classes.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock The following table shows the average annual total returns for each class of the fund that has been in operation for at least one full calendar year, and also compares the returns with the returns of a relevant broad-based market index, as well as with the returns of one or more comparative indexes that have investment characteristics similar to those of the fund, if applicable.

In addition, the table shows hypothetical after-tax returns to demonstrate how taxes paid by a shareholder may influence returns. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as a 401(k) account or an IRA. After-tax returns are shown only for the Investor Class and will differ for other share classes.
Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock Updated performance information is available through troweprice.com.
T. Rowe Price New Income Fund, Inc. | Investor Class  
Risk/Return: rr_RiskReturnAbstract  
Maximum account fee rr_MaximumAccountFee $ 20 [1]
Management fees rr_ManagementFeesOverAssets 0.38% [2]
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets
Other expenses rr_OtherExpensesOverAssets 0.14%
Acquired fund fees and expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.02%
Total annual fund operating expenses rr_ExpensesOverAssets 0.54% [3]
Fee waiver/expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.02%) [2],[4]
Total annual fund operating expenses after fee waiver/expense reimbursement rr_NetExpensesOverAssets 0.52% [2],[5]
1 year rr_ExpenseExampleYear01 $ 53
3 years rr_ExpenseExampleYear03 169
5 years rr_ExpenseExampleYear05 295
10 years rr_ExpenseExampleYear10 $ 664
2009 rr_AnnualReturn2009 12.33%
2010 rr_AnnualReturn2010 7.16%
2011 rr_AnnualReturn2011 6.25%
2012 rr_AnnualReturn2012 5.86%
2013 rr_AnnualReturn2013 (2.26%)
2014 rr_AnnualReturn2014 5.74%
2015 rr_AnnualReturn2015 0.18%
2016 rr_AnnualReturn2016 2.64%
2017 rr_AnnualReturn2017 4.01%
2018 rr_AnnualReturn2018 (0.63%)
Year to Date Return, Label rr_YearToDateReturnLabel The fund’s return for the six months ended
Bar Chart, Year to Date Return, Date rr_BarChartYearToDateReturnDate Jun. 30, 2019
Bar Chart, Year to Date Return rr_BarChartYearToDateReturn 6.50%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 5.07%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2016
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (3.09%)
1 Year rr_AverageAnnualReturnYear01 (0.63%)
5 Years rr_AverageAnnualReturnYear05 2.36%
10 Years rr_AverageAnnualReturnYear10 4.05%
Since inception rr_AverageAnnualReturnSinceInception
Inception date rr_AverageAnnualReturnInceptionDate Aug. 31, 1973
T. Rowe Price New Income Fund, Inc. | I Class  
Risk/Return: rr_RiskReturnAbstract  
Maximum account fee rr_MaximumAccountFee
Management fees rr_ManagementFeesOverAssets 0.38% [2]
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets
Other expenses rr_OtherExpensesOverAssets 0.01%
Acquired fund fees and expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.02%
Total annual fund operating expenses rr_ExpensesOverAssets 0.41% [3]
Fee waiver/expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.02%) [2],[4]
Total annual fund operating expenses after fee waiver/expense reimbursement rr_NetExpensesOverAssets 0.39% [2],[5]
1 year rr_ExpenseExampleYear01 $ 40
3 years rr_ExpenseExampleYear03 127
5 years rr_ExpenseExampleYear05 223
10 years rr_ExpenseExampleYear10 $ 504
1 Year rr_AverageAnnualReturnYear01 (0.50%)
5 Years rr_AverageAnnualReturnYear05
10 Years rr_AverageAnnualReturnYear10
Since inception rr_AverageAnnualReturnSinceInception 1.91%
Inception date rr_AverageAnnualReturnInceptionDate Aug. 28, 2015
T. Rowe Price New Income Fund, Inc. | Advisor Class  
Risk/Return: rr_RiskReturnAbstract  
Maximum account fee rr_MaximumAccountFee
Management fees rr_ManagementFeesOverAssets 0.38% [2]
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other expenses rr_OtherExpensesOverAssets 0.21%
Acquired fund fees and expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.02%
Total annual fund operating expenses rr_ExpensesOverAssets 0.86% [3]
Fee waiver/expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.02%) [2],[4]
Total annual fund operating expenses after fee waiver/expense reimbursement rr_NetExpensesOverAssets 0.84% [2],[5]
1 year rr_ExpenseExampleYear01 $ 86
3 years rr_ExpenseExampleYear03 270
5 years rr_ExpenseExampleYear05 470
10 years rr_ExpenseExampleYear10 $ 1,048
1 Year rr_AverageAnnualReturnYear01 (0.94%)
5 Years rr_AverageAnnualReturnYear05 2.11%
10 Years rr_AverageAnnualReturnYear10 3.78%
Since inception rr_AverageAnnualReturnSinceInception
Inception date rr_AverageAnnualReturnInceptionDate Sep. 30, 2002
T. Rowe Price New Income Fund, Inc. | R Class  
Risk/Return: rr_RiskReturnAbstract  
Maximum account fee rr_MaximumAccountFee
Management fees rr_ManagementFeesOverAssets 0.38% [2]
Distribution and service (12b-1) fees rr_DistributionAndService12b1FeesOverAssets 0.50%
Other expenses rr_OtherExpensesOverAssets 0.38%
Acquired fund fees and expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.02%
Total annual fund operating expenses rr_ExpensesOverAssets 1.28% [3]
Fee waiver/expense reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.12%) [2],[4],[6]
Total annual fund operating expenses after fee waiver/expense reimbursement rr_NetExpensesOverAssets 1.16% [2],[5],[6]
1 year rr_ExpenseExampleYear01 $ 118
3 years rr_ExpenseExampleYear03 392
5 years rr_ExpenseExampleYear05 686
10 years rr_ExpenseExampleYear10 $ 1,524
1 Year rr_AverageAnnualReturnYear01 (1.25%)
5 Years rr_AverageAnnualReturnYear05 1.77%
10 Years rr_AverageAnnualReturnYear10 3.47%
Since inception rr_AverageAnnualReturnSinceInception
Inception date rr_AverageAnnualReturnInceptionDate Sep. 30, 2002
T. Rowe Price New Income Fund, Inc. | Returns after taxes on distributions | Investor Class  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (1.84%)
5 Years rr_AverageAnnualReturnYear05 1.20%
10 Years rr_AverageAnnualReturnYear10 2.73%
Since inception rr_AverageAnnualReturnSinceInception
Inception date rr_AverageAnnualReturnInceptionDate Aug. 31, 1973
T. Rowe Price New Income Fund, Inc. | Returns after taxes on distributions and sale of fund shares | Investor Class  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (0.38%)
5 Years rr_AverageAnnualReturnYear05 1.29%
10 Years rr_AverageAnnualReturnYear10 2.63%
Since inception rr_AverageAnnualReturnSinceInception
Inception date rr_AverageAnnualReturnInceptionDate Aug. 31, 1973
T. Rowe Price New Income Fund, Inc. | Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses, or taxes)  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 0.01%
5 Years rr_AverageAnnualReturnYear05 2.52%
10 Years rr_AverageAnnualReturnYear10 3.48%
Since inception rr_AverageAnnualReturnSinceInception 1.86% [7]
Inception date rr_AverageAnnualReturnInceptionDate Aug. 28, 2015
T. Rowe Price New Income Fund, Inc. | Lipper Core Bond Funds Average  
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 (0.69%)
5 Years rr_AverageAnnualReturnYear05 2.20%
10 Years rr_AverageAnnualReturnYear10 4.19%
Since inception rr_AverageAnnualReturnSinceInception 1.71% [8]
Inception date rr_AverageAnnualReturnInceptionDate Aug. 31, 2015
[1] Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee.
[2] T. Rowe Price Associates, Inc., has contractually agreed (at least through September 30, 2020) to waive a portion of the fund’s management fees so that an individual fund fee of 0.0765% is applied to the fund’s average daily net assets that are equal to or greater than $20 billion. Thereafter, this agreement will automatically renew for one-year terms unless terminated by the fund’s Board of Directors. Any fees waived under this agreement are not subject to reimbursement to T. Rowe Price Associates, Inc., by the fund.
[3] The figures shown in the fee table do not match the “Gross expenses before waivers/payments by Price Associates” shown in the Financial Highlights table, as those figures reflect the effects of a management fee waiver agreement, do not include acquired fund fees and expenses, and exclude expenses permanently waived as a result of investments in other T. Rowe Price Funds (and with respect to the Advisor Class, those figures are also rounded differently).
[4] T. Rowe Price Associates, Inc., is required to permanently waive a portion of its management fee charged to the fund in an amount sufficient to fully offset any acquired fund fees and expenses related to investments in other T. Rowe Price Funds. The amount of the waiver will vary each fiscal year in proportion to the amount invested in other T. Rowe Price Funds. The T. Rowe Price Funds would be required to seek regulatory approval in order to terminate this arrangement.
[5] The figures shown in the fee table do not match the “Net expenses after waivers/payments by Price Associates” shown in the Financial Highlights table, as those figures do not include acquired fund fees and expenses and exclude expenses permanently waived as a result of investments in other T. Rowe Price Funds.
[6] T. Rowe Price Associates, Inc., has contractually agreed (through September 30, 2020) to waive its fees and/or bear any expenses (excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinary expenses; and acquired fund fees and expenses) that would cause the class’ ratio of expenses to average daily net assets to exceed 1.15%. The agreement may be terminated at any time after September 30, 2020, with approval by the fund’s Board of Directors. Fees waived and expenses paid under this agreement (and a previous limitation of 1.15%) are subject to reimbursement to T. Rowe Price Associates, Inc., by the fund whenever the class’ expense ratio is below 1.15%. However, no reimbursement will be made more than three years from the date such amounts were initially waived or reimbursed. The fund may only make repayments to T. Rowe Price Associates, Inc., if such repayment does not cause the class’ expense ratio (after the repayment is taken into account) to exceed the lesser of: (1) the expense limitation in place at the time such amounts were waived; or (2) the class’ current expense limitation.
[7] Return since 8/28/15.
[8] Return since 8/31/15.